{"id":191,"date":"2017-01-16T08:06:59","date_gmt":"2017-01-16T08:06:59","guid":{"rendered":"https:\/\/blogs.scu.edu\/finis\/?p=191"},"modified":"2017-01-16T08:17:27","modified_gmt":"2017-01-16T08:17:27","slug":"cryptocurrency-accidental-invention-of-digital-cash","status":"publish","type":"post","link":"https:\/\/blogs.scu.edu\/finis\/2017\/01\/16\/cryptocurrency-accidental-invention-of-digital-cash\/","title":{"rendered":"Cryptocurrency: Accidental Invention of Digital Cash"},"content":{"rendered":"<p>Cryptocurrency was never intended to be invented. The invention was a digital cash system which is completely decentralized, without a server or central authority similar to a Peer-to-Peer network for file sharing, which led to the emergence of cryptocurrency.<\/p>\n<p>Cryptocurrency can be defined as<em>\u00a0limited entries in a database no one can change without fulfilling specific conditions<\/em>. A cryptocurrency has a network of peers which records all transactions. A transaction is complete only when it gets confirmed by miners and it is permanent, forming a part of historical transactions called<strong>\u00a0<em>block chain<\/em><\/strong>.<\/p>\n<p><strong><em>Working of Cryptocurrency<\/em><\/strong><\/p>\n<p><img decoding=\"async\" src=\"http:\/\/blockgeeks.com\/wp-content\/uploads\/2016\/09\/image-1-1024x936.png\" alt=\"What is Blockchain Technology? A step-by-step guide than anyone can understand\" \/><\/p>\n<p>Some of the popular cryptocurrencies are\u00a0<em>Bitcoin, Ether, Litecoin,\u00a0<\/em>Monero<em>, Ripple<\/em>. Bitcoin is the largest cryptocurrency and often regarded as the first cryptocurrency, even though prior systems existed.<\/p>\n<p><strong>Advantages of Cryptocurrency<\/strong>:<\/p>\n<ul>\n<li>No central authority, flexibility to make transactions all across the world.<\/li>\n<li>Almost impossible to manipulate transactions due to the additional layer of security called cryptography.<\/li>\n<li>All transactions have to be confirmed by miners, and once confirmed they are immutable.<\/li>\n<li>Personal information is hidden, thereby reducing the possibility of identity theft.<\/li>\n<li>Minimal processing fees.<\/li>\n<\/ul>\n<p><strong>Disadvantages<\/strong><\/p>\n<ul>\n<li>If the holdings are not backed up, a computer crash can cause loss of cryptocurrency.<\/li>\n<li>There are constant fluctuations of cryptocurrency value.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><a href=\"http:\/\/blockgeeks.com\/guides\/what-is-cryptocurrency\/\">http:\/\/blockgeeks.com\/guides\/what-is-cryptocurrency\/<\/a><\/p>\n<p><em><a href=\"http:\/\/www.moneycrashers.com\/what-are-bitcoins\/\">What Are Bitcoins \u2013 Pros &amp; Cons, Investment Opportunities<\/a><\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrency was never intended to be invented. The invention was a digital cash system which is completely decentralized, without a server or central authority similar to a Peer-to-Peer network for file sharing, which led to the emergence of cryptocurrency. Cryptocurrency can be defined as\u00a0limited entries in a database no one can change without fulfilling specific &hellip; <a href=\"https:\/\/blogs.scu.edu\/finis\/2017\/01\/16\/cryptocurrency-accidental-invention-of-digital-cash\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Cryptocurrency: Accidental Invention of Digital Cash<\/span><\/a><\/p>\n","protected":false},"author":1692,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"qubely_global_settings":"","qubely_interactions":"","kk_blocks_editor_width":"","_kiokenblocks_attr":"","_kiokenblocks_dimensions":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-191","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"gutentor_comment":0,"qubely_featured_image_url":null,"qubely_author":{"display_name":"srivaths","author_link":"https:\/\/blogs.scu.edu\/finis\/author\/srivaths\/"},"qubely_comment":0,"qubely_category":"<a href=\"https:\/\/blogs.scu.edu\/finis\/category\/uncategorized\/\" rel=\"category tag\">Uncategorized<\/a>","qubely_excerpt":"Cryptocurrency was never intended to be invented. The invention was a digital cash system which is completely decentralized, without a server or central authority similar to a Peer-to-Peer network for file sharing, which led to the emergence of cryptocurrency. Cryptocurrency can be defined as\u00a0limited entries in a database no one can change without fulfilling specific&hellip;","post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/191","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/users\/1692"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/comments?post=191"}],"version-history":[{"count":3,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/191\/revisions"}],"predecessor-version":[{"id":195,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/191\/revisions\/195"}],"wp:attachment":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/media?parent=191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/categories?post=191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/tags?post=191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}